The regulator today issued a public warning about a bogus firm using the name ‘Tilney Fund Managers’.
Tilney told FP Today in a statement: “We became aware that a website by the name of Tilney Fund Managers was offering advice and services without being regulated by the FCA.
"We alerted the FCA immediately and have also taken legal action with the objective of taking down this fraudulent site as soon as possible.”
Financial cloning fraud - where websites are copied to try to cheat investors - is becoming more common.
This 'cloned' website is not authorised or registered by the FCA but has been targeting people in the UK, claiming to be an authorised firm.
It has been using the website address www.tilneyfundmanagers.com - which the FCA said was a clone of an authorised firm’s website.
Officials said scammers have been using the details of firms the FCA authorises to try to convince people that they work for a genuine, authorised firm.
A statement read: “This is what we call a 'clone firm'; and fraudsters usually use this tactic when contacting people out of the blue, so you should be especially wary if you have been cold called. They may use the name of the genuine firm, the 'firm reference number' (FRN) we have given the authorised firm or other details.”
The clone firm used the following details:
Address: 1 Canada Square, Canary Wharf, London, E14 5AB
Telephone: 0203 126 6724
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
The FCA stressed that the clone has no association with Financial Planning firm Tilney, which is an authorised firm.